CARE upgrades long-term credit ratings of Cochin Shipyard

CARE Ratings Limited has upgraded the long-term ratings assigned to Cochin Shipyard Limited (CSL) instruments.

The long-term bank facilities of Rs2,280cr upgraded to CARE AAA; Stable from CARE AA+; Stable. The rating on company’s long-term / short-term bank facilities of Rs2,405cr was revised to CARE AAA; Stable / CARE A1+ from CARE AA+; Stable / CARE A1+.

The rating on short-term bank facilities of Rs250cr was reaffirmed at CARE A1+. On Tax Free Infrastructure Bonds amounting to Rs123cr, rating was revised to CARE AAA; Stable from CARE AA+; Stable.

Cochin Shipyard Ltd ended at Rs367.10 per piece up by Rs12.55 or 3.54% from its previous closing of Rs354.55 per piece on the BSE.